CULedger moves towards its $10m goal for its Series A

August 30, 2018

Credit union application developer CULedger has netted $8.5m for its Series A round of funding, so far.

The investment round is set to continue until November 18. A target for the Series A, which has received contributions from 32 backers, has been set at $10m.

There were a number of firms and credit unions to take part in the funding, including America First Federal Credit Union, American Airlines Federal Credit Union, Baxter Credit Union, Black Hills Federal Credit Union, Citizens’ Equity Federal Credit Union, Coastal Federal Financial Group, and Corporate Synergies.

CULedger – Mississippi, a CUSO created by the Mississippi Credit Union Association, also took part in the funded. The group empowers credit unions to invest small amounts into CULedger through a collective investment.

Denver-based CULedger is a blockchain-based distributed ledger, which provides credit unions with applications to prevent fraud and implement self-sovereign identity for members.

Its applications help credit unions to protect themselves against cybersecurity and fraud, improve member experience, streamline internal processes and lower administrative and operational costs.

CULedger president and CEO John Ainsworth said, “Having received such a positive response from the credit union community in our efforts to deliver the first universal digital credential through self-sovereign identification, we realise the need for digital identity is widespread. With the support from our investors, CULedger is positioned to develop distributed ledger solutions for the digital identity crisis, keeping credit unions the most trusted financial institutions.”

The remaining investors included: CU Direct, CU Strategic Partners, CUNA Strategic Services, Deer Valley Credit Union, Desert Financial Credit Union, Digital Federal Credit Union, Farmers Insurance Federal Credit Union, Financial Partners Credit Union, FIS, HawaiiUSA Federal Credit Union, Meritrust Credit Union, Navigator Credit Union, Patelco Credit Union, PSCU, Redwood Credit Union, Royal Credit Union, SchoolsFirst Federal Credit Union, Sound Credit Union, Suncoast Credit Union, Town and Country Federal Credit Union, TruWest Credit Union ,UNIFY Financial Credit Union, Virginia Credit Union, Wings Financial Credit Union.